I fired up the satellite this weekend and after a couple minutes it started smoking (blueish kinda) I ran it alittle while since i didnt see any problems with temp or oil psi etc.

The headers are new and havent been broken in, is this a likely cause? The headers have maybe 30 minutes run time on them. The car has never been driven only idle time with the headers.

Or could i have over tightened something and caused an exhaust leak? I re tightened everything, headers back and everything is tight.

I did notice my valve cover bolts were lose. Is it possible for this to be coming out of the valve cover and if so why would that be?

It's likley oil leaking from the valve covers and burning off the headers.

I fired up the grand prix after it sat for 3-4 months, smoked like it was on fire (again). Turned out to be moisture and buildup on the manifolds. Let it warm up and watch it closely, but I wouldnt worry to much.

It's likley oil leaking from the valve covers and burning off the headers.
+1, start your car for a few then check for leaking oil, if you cant see any leaking oil immediatley then stretch and look at the back of the covers.